WS #11315
OPEC crude output surged 2.34 million bpd in June as Hormuz flows resumed, pressuring oil prices below $71/bbl. Canada's PM Carney unveiled a new West Coast pipeline project, boosting Canadian stocks and reducing reliance on US export routes. Russia's NORSI oil refinery halted crude processing after a drone attack on July 2, potentially tightening refined product supply.
OPEC Output Surge and Oil Supply Glut
OPEC crude output surged 2.34 million bpd in June as Hormuz flows resumed, pressuring oil prices below $71/bbl.
Canada's PM Carney unveiled a new West Coast pipeline project, boosting Canadian stocks and reducing reliance on US export routes.
Russia's NORSI oil refinery halted crude processing after a drone attack on July 2, potentially tightening refined product supply.